February 6, 2009
Former Lenovo chairman returns to the job
Chinese computer giant Lenovo Group said founding chairman Liu Chuanzhi will reclaim his job after the company posted its first quarterly loss since 2005.
Liu will replace current chairman Yang Yuanqing, who took over in 2005, while Liu moved over to the vice-chairman job at Lenovo's parent company, Legend Holdings, China Daily reported Friday.
Lenovo said it lost $96.7 million in the third fiscal quarter ending in December, as sales fell 1 percent in the domestic market.
In a statement, Liu said the company has
grown successfully on the international stage, but at this important time, we want to pay particular attention to our China business, as it represents the foundation of our global business and growth strategy.
The company earns 45 percent of its revenue from domestic sales, but sales overall declined 5 percent in the third quarter compared with a year ago.
Lenovo's share of China's PC market is 30.5 percent. Worldwide, it commands 7.7 percent of the PC market, the newspaper said.